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Ethereum’s growth dips as traders eye new eco-friendly crypto

Partner Content
Ethereum’s growth dips as traders eye new eco-friendly crypto

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Despite Ethereum’s recent 4.32% drop, the eco-friendly ICO eTukTuk hits $1.7M in presale with experts predicting significant returns.

Ethereum has fallen by 4.32% today hours despite rallying to highs of $3.8K yesterday. However, the new ICO eTukTuk is progressing in its presale as it surges past $1.7 million.

ETH price slumps but bulls fight back

Ethereum enjoyed notable demand over the past week, rising from $3.2K to $3.8K yesterday. However, a decisive sell-off pushed it to lows of $3.3K, just north of its price last week.

The move was triggered by a flush of leveraged long positions on Ethereum and mirrored price action across the market.

As per CoinGlass data, $199 million of ETH has been liquidated over the past 24 hours. However, its open interest has jumped 3.66%. 

In comparison, the open interest for other top cryptos is down. For instance, Solana and Dogecoin’s are down over 16%, while Bitcoin’s is down 0.34%.

Ethereum's growth dips as traders eye new eco-friendly crypto - 1

The optimism is also evident in market predictions, with CrediBull Crypto speculating that ETH is likely to outperform Bitcoin in the coming weeks. 

“It’s no surprise that ETH may outperform BTC, at least in the short term. For now, I think we have the makings of a local bottom on ETH/BTC, and I am looking for at least a 10% move to the upside here as BTC consolidates at the highs,” He wrote.

The analyst then displayed a price chart showing ETH establishing solid support against BTC, with an annotated trajectory showing an uptrend.

Ethereum's growth dips as traders eye new eco-friendly crypto - 2

Similarly, Mathew Hyland believes that ETH will outperform BTC, noting the possibility of Ethereum spot ETFs adding significant price appreciation potential.

Alongside the ETH/BTC price chart, Mathew explained, “ETH/BTC has held this range despite BTC ETF getting approved, BTC having its largest monthly candle ever, BTC breaking ATHs.”

He continued, “There are 79 days until ETH ETFs. Every day that passes becomes more favorable to an upside break and less favorable to a downside break.”

Ethereum's growth dips as traders eye new eco-friendly crypto - 3

Meanwhile, Rekt Capital anticiapates altcoins to take over following Bitcoin’s all-time high, referencing an “altcoin hype cycle.”

The analyst says this will occur in four waves throughout 2024, with each becoming “more impressive as the bull market progresses.”

Ethereum's growth dips as traders eye new eco-friendly crypto - 4

Ethereum is the leading altcoin by market cap, presenting significant upside potential. However, Rekt Capital’s altcoin hype cycle theory would also immensely benefit newer and lower-market-cap altcoins. 

Eco-Friendly ICO eTukTuk raises $1.7M

Green presale crypto eTukTuk surged past $1.7 million, with investors drawn to its passive rewards and proactive initiative against climate change.

Currently offering a 141% staking APY, which will decrease as the staking pool grows.

The project’s collaboration with Capital Maharaja Group in Sri Lanka exemplifies its practical environmental-issue approach.

Integrating AI for operational efficiency further positions eTukTuk as a promising investment in green technology.

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